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When I heard about Bitcoin halving in 2023, I was very happy to be among the crypto enthusiasts that would witness it. I was growing my portfolio to cash out the profit in case the price increased.
When Bitcoin was above 70k, I was thinking #Bitcion would surpass 100k! I was aiming for more than 100k due to research and articles I have read online. I already had a plan to divide the money into two- use one to build a 4-bedroom flat for myself. Though, I did not hold bitcoin because it is too expensive, I held a large amount of some coins of a value $0.300 or less. As at the time when bitcoin was above 70k, some of those coins increased in value; I was happy and expecting more. By the time the price of bitcoin began to drop, 90% of the coins I held dropped.
The following are the things I learned:
Failure is inevitable
What I mean is that a business man cannot be 100% free from failure. You might have calculated your profit in a particular business, and the next thing is that the stock may go down. As a businessman, he cannot stop his business because he lost; therefore, there are ups and downs in business.
Cryptocurrency is a business which is not free from failure or loss- I cannot stop trading because my expectation was not met. I must continue to do my business because I know that crypto can make one wealthy within 24 hours.
I have learned that the moment I make a profit, I should take my money out to do whatever I want to do or invest the money in another coin.
I remember that one of the coins I bought then was 2X, I thought the coin would go beyond 2X. I was waiting for the coin to go up. After a long wait, it went back to normal price, that was how the coin went down.
Don’t be too greedy
If I wasn’t greedy, I would have made profit from the coin. I learned that whenever I make profit while trading, I should take my profit from it or take my money and leave the profit to grow. It was not my first time nor second time it happened to me. This was because I believed that I could make more than that. But, in the end, it does go as I planned.
Grow your portfolio little-by-little
Since I don’t have millions of dollars somewhere, I grow my portfolio little-by-little. There were days I bought a $5 coin and there were days I bought more than $5.
This is how I planned to grow my wallet and it works perfectly for me. My consistency has grown my portfolio more than a thousand so far. If I continue like this year, my portfolio may be more than $3,000.
Risk Management
Thank God, many 'cryptocurrencies' exchanges use set stop -orders such as #Binance- the moment the falls to a certain level, the system automatically sells your asset; this strategy limits loss while trading. Though I haven't used set stop-orders, many crypto traders that used it shared the testimonies of this development.
It is very important to risk a small percentage of your capital while trading; risking more than 3% may be dangerous.
Learning is important
Even though you are a pro in trading, you need to learn! Learning never ends. Therefore, it is very important to read market news, trends, and learn the latest strategy. When I started trading, it was very hard for me; I couldn’t understand many things. As time went on, I started to understand it better; and today, I became someone that can put another person through.
Use the best crypto wallets exchange
I used Binance because:
Variety of trading pairs: This is one of the best reasons I like Binance. They have a variety of trading pairs, and some of those trading pairs tools are very simple to use; a novice in trading will understand it.
Strong Security setup: The joy of a businessman is to see his asset in a safe condition. I’m not worried whether someone can break my security and have access to my assets on Binance. This is because they have a strong security system.
Despite Binance being banned in my country, I used Binance to trade without fear.
Posted Using InLeo Alpha